| Summary: | 碩士 === 德明財經科技大學 === 財務金融系理財與稅務管理碩士班 === 102 === This study resumes the research of Lee, Liu and Yeats (2014) examining the weekday factors that determine corporate decisions regarding both ex-dividend dates and payment dates, based on U.S. date from 2005. We collect the U.S. dividend data from 2013 (with a sample size of 15,569), together with U.S. data from 2005 to complement the previous research. In addition, we link the weekday factors of the corporate dividend decision with literature that addresses the day-of-the-week effect. We show that U.S. firms are still inclined to go ex-dividend on Wednesday (with a ratio of 31.4%) and to pay the dividends on Friday (with a ratio of 35.37%). The duration between the ex-day and payable day ranged from 3 to 66 days, with a mode of 16 days, a median of 11 days, and a mean of 18.28 days. Their first quartile is 14 days and the third quartile is 21 days. These quantities are similar to those in 2005. We also collect the daily returns data from the Taiwan Weighted Average Index from 2004 to June 2014. We calculate the average returns of Monday through Friday semi-annually, dividing by July 1. We find no association between the ex-dividend decision and the week-of-the-day effects. It is reasonable for a firm to tend to pay the cash on Fridays from the perspective of corporate liquidity management. However, it is still difficult to find a plausible justification for the tendency of Taiwanese firms to go ex-dividend on Thursdays and for U.S. firms to opt for Wednesdays. This is an interesting issue left for future research.
Keywords：Dividend policy, ex-dividend date, payment date, weekend effect, day-of-the- week effect
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